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Businesses are called to approach consumers with tailored strategies.
In a global environment rife with major challenges, including economic slowdown, high inflation, ongoing conflicts, and the increasing intensity of extreme weather events, the fourth edition of the EY Future Consumer Index for Greece highlights that consumers are seeking to build resilience.
Consumers express concerns about their personal finances, as well as their physical and mental health. To a lesser extent, they worry about the environmental and social impact of their purchasing decisions. Either out of necessity or out of choice, many consumers are changing their shopping habits, but not in a uniform way. While reducing spending is a common trend across all demographic groups, some consumers are purchasing less, while others are opting for less expensive alternatives. Brand loyalty is declining, while private label products are on the rise, though with some variations per product category. Additionally, the dynamic of loyalty or reward programs has curbed, as consumers expect tangible benefits in order to join.
Despite the rise of online shopping, many people still prefer physical stores, seeking human interaction, while for others, their home is becoming increasingly important as the center of consumption. The majority of consumers demand high standards of environmental and social responsibility from brands and businesses. However, the shift toward sustainable products is still progressing slowly.
In this complex environment, artificial intelligence (AI) holds the promise of enhancing the shopping experience while offering new opportunities for businesses. Nevertheless, consumers remain wary of many AI-generated solutions.
The five key consumer groups examined in the Index clearly illustrate the general trends in the Greek market, though they are fluid. They include consumers with different preferences, different expectations from brands, and different purchasing behaviors. Therefore, businesses are called to approach consumers as unique individuals with personalized - and often - conflicting needs, shaping multidimensional and tailored strategies.
EY Future Consumer Index Greece 2024
Click below to download the full survey in Greek.
Consumer groups
The group that prioritizes their finances and product affordability (Affordability First) holds the highest percentage among the five examined, both in Greece and globally. This group accounts for 33% of consumers, a slight increase from 31% in 2023. In second place, with a notable rise, are health-conscious consumers (Health First), their group reaching 22% this year, up from 18% in 2023.
Approximately one in five consumers (21%) prioritizes the environment and the planet in their purchasing decisions (Planet First). Meanwhile, 12% are primarily concerned about the social impact of their purchasing behavior (Society First). Lastly, the consumer group that mainly seeks experiences (Experience First) has lost ground, dropping to 12% from 20% in 2023.
Economy and health are key priorities
The high cost of living and its impact on personal finances continue to dominate consumer concerns, despite inflation easing from 2022-23 levels. As in last year's edition, the top three concerns are the rising living costs (69% are extremely concerned), their finances (63%), and their country’s economy (47%).
In a global environment where health care systems are under increasing pressure, consumers also worry about their mental wellbeing (41%) and physical health (39%).
Shifts toward a more restrained consumption approach
The uncertainty initially caused by the pandemic, combined with the ongoing economic slowdown, rising inflation, and growing environmental awareness, is leading consumers to adopting more restrained spending habits. A significant 94% of respondents mention that they make an effort not to waste food, 68% don’t feel the need to keep up with the latest fashion trends, and 65% try to repair things rather than replacing them.
Additionally, three out of five respondents (60%) say they are spending less on non-essential items, 59% find that the rising cost of goods and services is making it hard for them to afford things, while 50% are purchasing only the essentials. Overall, one in two consumers has changed the brands they buy or are switching to private label products.
Private label products gain ground, but not across all categories
Private label products are becoming more popular, though their adoption still lags significantly other markets globally. Consumers are more likely to buy these products in categories such as home and household care (66%), and less in personal care, food and beverage (F&B), and cosmetics.
At the same time, perceptions regarding private label products are evolving. These products are no longer viewed merely as budget options but are increasingly recognized as being equal to branded ones. A significant percentage of respondents believe that private label products satisfy their needs as well as the branded ones do (60%) and that their quality is increasingly becoming better (54%).
A significant percentage of consumers,
believe that private label products satisfy their needs as well as the branded ones do.
Online services become mainstream, but physical stores hold strong
Technology has become an integral part of Greek consumers' daily lives, with frequent use of online services most evident in entertainment (76%) and financial and banking services (66%). Online services are less used for customer service (43%) and product purchasing (36%).
Despite the rapid growth of e-commerce, a significant percentage of respondents still prefer shopping at physical stores. Only 24% have frequently ordered something to be delivered at home in the past three months (supermarket products excluded), 15% used the option of in-store pickup, and just 12% ordered online from supermarkets, either choosing home delivery or in-store pickup.
Following the surge in online shopping during the pandemic, most consumers are now familiar with it, and businesses have improved their services. Nevertheless, a few challenges persist, with the expensive delivery/shipping being the most frustrating issue (40%). While slow delivery times remain an issue, percentage backing this up has dropped compared to 2021 (21% in 2024, down from 49% in 2021).
Loyalty and rewards programs
Digital channels offer businesses significant opportunities to develop loyalty programs. However, consumers prefer programs that provide tangible and immediate benefits. Specifically, they favor earning loyalty points that can be used for future purchases (66%), free shipping (63%), and in-store discounts on selected products (58%).
Limited use of apps
Greek consumers show less interest in brands' applications (apps) compared to consumers in other countries, focusing primarily on the practical benefits these tools offer. The main reasons for using such apps include accessing exclusive discounts (43%) and receiving loyalty promotions or offers exclusive to app members (40%).
Influencer impact not yet widespread, but poised for growth
Despite the growing global significance of influencers in purchasing decisions, their impact in Greece remains relatively limited. A significant 83% of respondents report as rarely or never being swayed by influencers, compared to 34% worldwide. However, their influence is more than twice as strong among younger generations, indicating that the role of influencers in Greece is likely to grow in the coming years.
The majority of respondents,
report rarely or never being swayed by influencers.
Limited familiarity with and skepticism toward artificial intelligence
AI is playing an increasingly central role in shaping purchasing decisions, by offering personalized recommendations, enhancing customer experiences, predicting trends, and boosting business marketing strategies. However, Greek consumers' familiarity with AI and its applications remains low. Only 18% (primarily aged 18-29) claim to fully understand what AI is and how it is used. About 53% have some understanding of the term and its uses, while 26% — mostly consumers aged 40-64 — have only heard of AI but have no understanding of what it is and how it is used.
Primarily people aged 18-29,
claim to fully understand what AI is and how it is used.
Almost half of respondents,
report having some understanding of the term "AI" and its uses.
Trust in AI applications is also limited, as most of the options do not exceed 10% when it comes to complete trust. AI applications that tailor offers, promotions, special deals, and advertisements tailored to personal preferences are better received, while more "intrusive" AI applications are met with greater skepticism.
Human interaction remains essential
Even when shopping online, consumers still seek human interaction. This need is less pronounced during the research phase (36%) or during the product selection (40%), but it becomes significantly more important after a purchase. Specifically, 66% prefer human assistance when they have queries or complaints, and 69% seek it for product returns or refunds.
Sustainability: from intention to action
One in three consumers (34%) considers sustainability to be extremely (8%) or very important (26%) when making purchase decisions. However, this intention does not always translate into actual sustainable buying behavior.
The main obstacle deterring consumers from purchasing sustainable products is high price, with 77% citing it as a major factor. Additionally, issues such as lack of information and distrust in brands’ sustainability claims contribute to consumer hesitation. Specifically, 63% of consumers are deterred by deceptive marketing, 62% by misleading information about the product, and 57% by a lack of information availability or transparency. Furthermore, 56% report a lack of trust in companies, stores or brands, and 48% express confusion about sustainability claims.
Black Friday and Cyber Monday shopping intentions, and Holiday Season spending
Greek consumers appear cautious regarding their shopping intentions for Black Friday, Cyber Monday, and the Holiday Season. Half of those surveyed say they plan to shop during Black Friday and Cyber Monday. The percentage is notably higher among younger consumers; 65% in respondents aged 18-29, 68% in students, and 56% in parents — especially those with children under 18, where the figure rises to 60%. Of those planning to shop, 79% mentioned that they postponed some of their purchases until these sales events.
Likewise, consumers appear cautious with regard to their spending during the holiday season. Thirty-six percent expect to spend less compared to last year, while 54% anticipate spending just about the same amount. Only 4% expect to increase their spending. Price remains the most significant factor in holiday shopping decisions, with 95% of consumers citing it as a primary consideration. A further 65% prioritize the quality of the products they purchase, while 55% look for discounts or offers.
Returning to a home-centered lifestyle
There is a noticeable shift toward gathering activities around the home, but nothing close to the forced isolation many experienced during the pandemic. Back then, consumers heavily relied on online shopping, food delivery services, and digital entertainment. Today, the home has taken on a more experiential and multi-purpose role. Forty-one percent of consumers, including younger respondents, expect to spend more time at home in the future. Half of consumers plan to cook more at home (50%), while 40% anticipate getting entertained more at home, reflecting a broader shift toward home-centered lifestyles and a desire for a richer at-home experience.
Expected changes in household spending and key purchase criteria
Over the next four months, a significant portion of consumers expects to reduce their spending across several product categories. The only categories where spending is anticipated to increase are essential goods such as fresh and frozen foods, household items, and home hygiene products. Despite rising prices, approximately 35% of participants stated that they have not changed their purchase behavior across 14 different product categories. Among those who have adjusted their purchasing habits, some are opting to buy less, others are turning to less expensive alternatives, and a few have stopped purchasing certain products altogether. When it comes to their purchasing decisions for the next three years, the most important one remains the price (76%), followed by the quality of the product or service (52%) and if the product is good or healthy for them (47%).
EY Future Consumer Index Greece 2024 - Click below to download the full survey in Greek.
Summary
The EY Future Consumer Index Greece 2024, part of the global "EY Future Consumer Index" series, originally launched in Greece in 2021, continues to analyze the behavior of Greek consumers. It highlights the dominant trends in consumer behavior, their concerns about the future, and the challenges emerging from a diverse consumer base with varying priorities, values, and purchasing habits. This year's edition of the survey also explores the impact of technological advancements, geopolitical tensions, and the climate crisis on consumer behavior and decision-making.